Protection / Verification

Protection / Verification

Protection / Verification

Card Type Verification

This unique program can be an excellent enhancement to a credit card merchant account. With a number of features, enhancements, and customization options offered exclusively to Payscout clientele, this unique offering is available to any industry, but is especially relevant and beneficial to the Accounts Receivables Management industry. Not only will you be provided with information as to whether the card is credit, debit, or prepaid, but with information identifying the issuing bank.

Check Protection and Verification Options

Premium Check Protection

Payscout makes available a wide variety of verification and validation services. However, this service is at the top of our list of industry-best check verification options.

* Verify the accuracy of routing and account numbers
* Varying levels of verification including real-time
* Verify the account is open, valid, and in positive standing

Traditional Check Verification

If you simply want to know if your customer is a bad check risk, you can verify through several Check Networks whether the customer has outstanding bad checks now, or has a history of bad checks or negative accounts. By entering identifying information on the check writer, you will find out whether or not you should take his check as payment. This type of service simply assesses and minimizes the risk, but does not guarantee the check will be paid. Therefore, the check can bounce if the funds are not available. This service is most commonly used by grocery stores because the only cost is a small transaction fee. It provides the least protection of all the check services.

Check Guarantee

If, instead, you want more protection, the next level of service is to have payment on the check guaranteed, even if the check initially bounces. When you enter identifying information on the check writer into our system, the guarantee company will indicate whether or not it will guarantee payment on the item. If you receive an approval and the item bounces, either you or your bank will send the item to the guarantee company to be redeemed. The company will wire the full face amount of the check to your checking account, normally within 10-15 days. Your cost for this service is a guarantee rate, which is a percentage of the amount of the check.

Electronic Check Conversion

This service provides the ultimate in check protection. Through the use of a check reader or imager you are able to convert a paper check into a guaranteed electronic transaction. The check is either returned to the writer or it is “voided” and sent to the check processor at the end of the week. The funds are electronically deposited to your checking account in two business days. The transaction is guaranteed and final as long as you follow the required procedures. You reduce or eliminate trips to the bank, while simplifying bank reconciliation. Your cost for this service is a minimal transaction fee plus a guarantee rate, which is a percentage of the amount of the check.

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